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Model Note · ASK AUTOMOTIVE LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ASK AUTOMOTIVE LIMITED Discounted cash flow · base FY26
ASK AUTOMOTIVE LIMITED
Value per share, this model₹286
CMP 2026-09-10₹625.00
Difference(54.3)%
Growth the CMP implies38.2%/yr
This note states the assumptions and the arithmetic of one model of ASK AUTOMOTIVE LIMITED, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
16% a year
FY26 16.0% · 5-yr CAGR —%
EBITDA margin
12.7%
FY26 12.7% · 5-yr average 11.6%
Depreciation · capex, % of revenue
2.7% · 11.6%, fading to 1.2× depreciation
FY26 2.7% · 11.6%
Working capital, % of added revenue · tax
5.7% · 24.1%
21 working-capital days · effective 24.1%
Discount rate
11.00%
1-yr beta 0.92
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹641 · ₹0 · ₹0 cr
FY26 net debt ₹641 cr
Shares
19.72 crore
19.72 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
4,176
4,845
5,620
6,519
7,562
8,772
growth %
16.0
16.0
16.0
16.0
16.0
16.0
EBITDA
531
615
714
828
960
1,114
Depreciation
(114)
(131)
(152)
(176)
(204)
(237)
NOPAT
316
368
427
495
574
666
less capex
(484)
(562)
(534)
(484)
(403)
(284)
less working-capital build
—
(38)
(44)
(51)
(59)
(69)
Free cash flow to firm
—
(102)
(0)
136
316
549
Present value
(96)
(0)
105
219
344
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · ASK AUTOMOTIVE LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
571
PV of the terminal value (91% of EV)
5,706
Enterprise value
6,277
less net debt
(641)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,636
÷ 19.72 crore shares
₹286
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
298
326
361
403
456
10.5%
268
292
320
354
395
11.0%
242
262
286
314
347
11.5%
220
237
257
280
308
12.0%
201
216
233
252
275
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
